Local governments in Greece are
rejecting the austerity measures passed down to them from
the central government. Greece's troika of international
lenders (the EU, ECB, and IMF) thought Athens had agreed to
controversial labor reforms that were part of a larger package
of spending cuts. However, a local mayor in Thessaloniki has
refused to comply with layoffs that comprise part of the cuts,
which may present a major obstacle to the implementation of
austerity in Greece.

Cisco
reported earnings after the closing bell. The company beat
consensus estimates for both earnings and sales figures. Gross
margins also came in above expectations. CEO John Chambers said in the release,
"Cisco is at the center of the major market
transitions – cloud, mobility, video – and yet we believe the
largest market transition lies ahead of us, as the Internet of
Everything becomes a reality."